10 Best Personal Finance Books You Should Read To Master Your Money in 2019

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Do you want to improve your life and finances this year – pay off debt, save more money, become a savvy investor, make more money, live healthier, balance your priorities? No matter what your New Year’s resolutions are, a good book can provide lots of valuable insight and tips that point you in the right direction.

In the area of personal finances, this list of some of the best personal finance books is a great place to start if you have plans to master your money!

1. The Millionaire Teacher

By Andrew Hallam

This book will get your attention from the get-go, with your blood probably running hot from the realization that you, even you, can become a millionaire.

Millionaire Teacher: The nine rules of wealth you should have learned in school was written by a school teacher, Andrew Hallam. In the book, Hallam shows how you can build a 7-figure portfolio on a modest salary. He also introduced nine rules of wealth, including:

Spend like you want to grow rich

Use the greatest investment ally you have – compound interest

Avoid paying unnecessary fees

Conquer the enemy in the mirror

Build mountains of money with a responsible portfolio, and more!

A second edition of The Millionaire Teacher was released in 2017. The book has garnered a 4.3/5 rating on Goodreads and is a must-read for those who want to join the millionaire club even when they are not earning the big bucks.

2. The Little Book Of Common Sense Investing

This book was written by the man popularly referred to as the “Father of Index Investing,” John Bogle, who also founded The Vanguard Group.

In line with what the stats say time and time again, Bogle shows us that low-cost broad-based index funds are almost guaranteed to serve you well in the long run than actively managed mutual funds.

Keep things simple, quit trying to beat the market, minimize your investment fees, and focus on the long term. The Little Book of Common Sense Investing is a goldmine of actionable tips from one of the greatest investors ever.

This book’s wide acclaim is shown by its healthy rating of 4.5/5 on Amazon and 4.1/5 on Goodreads. It is a must-have for any investor’s library – whether you are a beginner or have been in the investing business for a while!

3. I Will Teach You To Be Rich

By Ramit Sethi

This personal finance book has been liberating twenty-somethings since 2009. It is a practical guide telling you exactly how to go about improving your finances – budgeting, saving, investing, banking, and entrepreneurship.

I Will Teach You To Be Rich includes a 6-week personal finance program filled with step-by-step actions for 20-to-35-year olds. The book has an average rating of 4.05/5 on Goodreads based on over 15,000 reviews.

4. The Millionaire Next Door

By Thomas J. Stanley and William D. Danko

Want to join the millionaire club? Consider reading this book! Packed with results of research conducted over a 20-year period, The Millionaire Next Door breaks down how the majority of millionaire folks in America did not get there by earning high salaries or receiving inheritances (aka economic subsidies).

In this book, you will learn about the seven traits of self-made millionaires, including:

They live well below their means

They allocate their time, energy, and money efficiently in ways that build wealth

They are mostly self-made

They are more interested in financial independence than on displaying social status

They bring up their children to be financially self-sufficient

They choose occupations where they have the flexibility to be self-employed

5. A Random Walk Down Wall Street

By Burton Malkiel

This is one of the best investing books you will ever read!

A Random Walk Down Wall Street: The time-tested strategy for successful investing dives into investing strategies and the popular frameworks for analyzing stocks i.e. both fundamental and technical analysis.

In the characteristic candor apparent throughout the book, Malkiel shows why technical analysis is mostly a farce. He states that:

It turns out that the correlation of past price movements with present and future price movements is very close to zero.

Technicians are often seen with holes in their shoes and frayed shirt collars. I have personally never known a successful technician, but I have seen the wrecks of several unsuccessful ones.

You will learn about the right approaches to market analysis and why investing in low-cost index funds is the way to go. The eleventh edition of this book adds in new insights on ETFs, emerging markets, derivatives, and more.

If you are interested in one other book that throws light on the role of randomness in the financial markets, check out Fooled by Randomness by Nassim Taleb.

6. The Richest Man in Babylon

By George S. Clason

This personal finance book is a timeless classic and one of the best of all time! Initially written in 1926, the lessons remain as fresh as though they were written yesterday. Both old and young, beginner and experienced, investors will find its contents attention-riveting.

Some of the basic principles fleshed out in the Richest Man in Babylon include:

9. The Automatic Millionaire

The Automatic Millionaire: A powerful one-step plan to live and finish rich starts off by letting you know the single most important key to becoming wealthy – paying yourself first.

David Bach lays out a 7-step plan for you to reach your financial goals, including automating your savings, investing, bills and debt payments.

The Automatic Millionaire shares the story of a couple earning very average wages who reach financial independence at 55 with more than $1 million in savings, by following the time-tested strategies for wealth building that are contained in the book.

10. Thinking, Fast and Slow

By Daniel Kahneman

If you have always wanted to read an everyday book written by a Nobel Laureate, this is your chance.

Thinking, Fast and Slow is a mix of psychology and economics and is not your average personal finance book. However, if you are interested in understanding how you think, make financial decisions, and reach your other life choices, this book offers some great insights.

2 Comments

Happy to have read half of these books! I’m now reading “The Next Millionaire Next Door” by Dr. Stanley & his daughter, Sarah Stanley Fallaw. After that, I plan to read “Everyday Millionaires” by Chris Hogan.